* TSX rises 73.10 points, or 0.53 percent, to 13,786.50
* Seven of the 10 main index sectors advance
* Baytex Energy drops after acquisition move
* Dorel tumbles after profit warning
By John Tilak
TORONTO, Feb 7 Canada's main stock index climbed
to its highest in two weeks on Friday, supported by gains in
most major sectors as investors cheered a strong Canadian jobs
report and shrugged off disappointing U.S. nonfarm payrolls
The Toronto market was up for a fourth straight session,
following a major selloff on Monday, and managed to end the week
Weighing on the index, shares of Baytex Energy Corp
tumbled a day after the oil producer agreed to buy Australia's
Aurora Oil & Gas Ltd for C$2.6 billion ($2.4 billion)
The Canadian economy recorded its biggest employment gain
since August in January, topping market estimates, and the
unemployment rate fell, according to government figures.
The U.S. jobs report painted a mixed picture as employers
hired fewer workers than expected in January, but the
unemployment rate hit a new five-year low.
"Despite the (U.S.) headline numbers being weak, the fact
that it was not a total disaster has helped to bring some
confidence back to the market," said Elvis Picardo, strategist
and vice president of research at Global Securities in
"It's more a function of investors viewing recent declines
as a buying opportunity, coupled with the fact that there's been
some stabilization in emerging markets," he added.
The Toronto Stock Exchange's S&P/TSX composite index
closed up 73.10 points, or 0.53 percent, at 13,786.50.
The benchmark Canadian index is up 1.2 percent this year,
compared with a decline in the S&P 500.
"As the world economy strengthens, the TSX will start to
benefit," said Picardo, who sees double-digit gains in the index
this year. "That core premise hasn't changed."
Seven of the 10 main sectors on the resource-heavy index
were higher on Friday.
Financials, the index's most heavily weighted sector, were
up 0.2 percent, with Royal Bank of Canada adding 0.2
percent to C$70.10.
The biggest jump came from gold-mining shares, which gained
3 percent, lifted by a higher bullion price. Barrick Gold Corp
rose 2.1 percent to C$20.88, and Goldcorp Inc
climbed 2.8 percent to C$28.24.
Energy shares felt the impact of Baytex's decline on Friday.
The stock shed 4.6 percent to C$39.72, and elsewhere in the
group Encana Corp dropped 3.1 percent to C$20.31.
In corporate news, leisure-products company Dorel Industries
Inc said on Thursday that it will report a drop in
fourth-quarter earnings. The stock slid 7.6 percent to C$36.66
and showed the biggest percentage decline on the index.